Mission Viejo Escrows Keep Moving Forward with Little White Lies
Mission Viejo escrows move forward with some Little White Lies
When in the course of real estate events it becomes necessary to tell little white lies to keep Mission Viejo escrows moving forward, please review the following situations before you pass judgment on the liar. Please also make note of the subtle differences in terms various real estate people call their white lies to keep Mission Viejo escrows moving forward.
Your loan has been approved! Now we just need the underwriter to review the file a final time to make sure it’s really approved. What the loan rep doesn’t tell you is that the underwriter is going to come up with all kinds of conditions that you’re going to have to produce, in a matter of hours, to even dream about getting final loan approval in time to remove your loan approval contingency and avoid putting your initial deposit at risk.
I’ll have the answer for you tomorrow. The loan rep has no idea when the answer will actually be provided, as the underwriters’ phone numbers are hermetically sealed in a Schrödinger cat box and they’d hardly risk their lives trying to penetrate the shroud of secrecy. So he pads the timing with another day, hoping that the underwriter renders a verdict by then.
We’ll know by noon. These are code words that often mean I can’t do anything until noon, as I have to drop my twins off a day care, show five houses, and get my mani pedi and I won’t be able to touch my phone to check my texts or emails until my finger nails dry. So I have to build in a time buffer to cover the time I am out of pocket and can’t communicate.
We need to have your money in by 11 AM. OK, players in the Mission Viejo real estate market take a knee and listen up. The truth in buying a home with borrowed money is this: The institution you are borrowing money from will not transfer that money unless and until you have deposited your total down payment and closing costs and those funds have been verified by the title company. This requires a wire transfer from your bank, processed through the Federal Reserve banking system, deposited into a specific account set up by escrow officer and verified by the title officer. There are cut off times involved for both initiating a transfer so the funds will be received the same day. To play it safe, the escrow officer adjusts the cut off time. The escrow officer is wise and experienced. She knows that there are lines at the bank, title officers have to eat lunch and take bathroom breaks, and any other number of things that can hold up wire transfer either on your end, at your bank, or at the title company.
The bottom line is that during your escrow experience, someone might not tell you the whole story, someone adjust the due date or time to build in a buffer for the unexpected, or pad the time based on what they know about the rest of their work load. These are all just little white lies meant keep everyone on track to close the escrow on time without killing one another.
Whether you are looking to buy or sell, I offer weekly advice via my expert real estate articles. If you are currently trying to find a home, search these listings, and then be sure to get in contact with me by calling (949) 678-3373 or emailing me at Leslie@LeslieEskildsen.com.
Leslie Eskildsen is the Real Deal REALTOR specializing in South Orange County real estate.
This post originally appeared here: http://www.eskildsengroup.com/2014/12/04/little-white-lies-keep-orange-county-ca-escrows-moving-forward/